Although international home sales declined last year, total dollar volume saw a 13 percent increase, according to the latest report from the National Association of Realtors.
From April 2014 to March 2015, total international sales were at an estimated $104 billion, compared to last years estimate of $92.2 billion.
“In 2014, sales transaction to buyers outside of the U.S. dropped 10 percent, possibly due to the strengthening of the U.S. dollar in relation to international currencies and weakening foreign economies,” said NAR Chief Economist Lawrence Yun. “However, the amount of money spent has increased; this means international purchasers in the U.S. have become an upscale group of buyers, spending more money on fewer homes.”
International buyers tend to purchase more expensive property with the average price being $499,600, compared to the overall U.S. average house price of $255,600. Chinese buyers typically purchased the most expensive properties, at an average price $831,800.
For the first time, buyers from China surpassed the usual dominant buyers like, Canada, Mexico, India, and the U.K, who collectively represent 51 percent of all international sales. Buyers from China bought an estimated $28.6 billion worth of property.